BeOne Medicines (NASDAQ:ONC) Stock Falls 5.8% - Here's What Happened

Key Points

• BeOne Medicines shares fell 5.8% to about $342.77, with trading volume 67% below the average session level.
• Despite the decline, analysts maintain a “Moderate Buy” consensus, with an average price target of $404.93; the company also exceeded quarterly earnings and revenue expectations.
• Insiders have sold heavily, including CEO John Oyler and other executives; insiders sold 632,311 shares worth approximately $210.9 million over the past 90 days.

BeOne Medicines Ltd. - Sponsored ADR (NASDAQ:ONC - Get Free Report)'s share price fell 5.8% during trading on Thursday. The company traded as low as $341.74 and last traded at $342.7650. Approximately 100,347 shares were traded during trading, a decline of 67% from the average session volume of 304,652 shares. The stock had previously closed at $364.02.

Wall Street Analyst Weigh In

ONC has been the topic of several analyst reports. Nomura upgraded shares of BeOne Medicines to a "strong-buy" rating in a report on Monday, July 27th. Wolfe Research restated an "outperform" rating and set a $370.00 target price on shares of BeOne Medicines in a report on Monday, August 10th. Barclays lifted their price target on shares of BeOne Medicines from $407.00 to $415.00 and gave the company an "overweight" rating in a research note on Thursday, September 10th. Truist Financial increased their price objective on shares of BeOne Medicines from $418.00 to $420.00 and gave the stock a "buy" rating in a research report on Wednesday. Finally, Zacks Research downgraded shares of BeOne Medicines from a "strong-buy" rating to a "hold" rating in a research report on Monday. Two analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $404.93.

BeOne Medicines Trading Down 6.1%

The company has a debt-to-equity ratio of 0.17, a quick ratio of 3.06 and a current ratio of 3.40. The firm has a fifty day moving average price of $356.05 and a 200 day moving average price of $318.08. The company has a market cap of $37.53 billion, a price-to-earnings ratio of 60.19 and a beta of 0.61.

BeOne Medicines (NASDAQ:ONC - Get Free Report) last announced its quarterly earnings results on Wednesday, August 5th. The company reported $2.05 earnings per share for the quarter, topping analysts' consensus estimates of $1.40 by $0.65. BeOne Medicines had a return on equity of 14.23% and a net margin of 10.70%.The firm had revenue of $1.71 billion for the quarter, compared to the consensus estimate of $1.66 billion. As a group, equities analysts predict that BeOne Medicines Ltd. - Sponsored ADR will post 8.99 EPS for the current fiscal year.

Insider Transactions at BeOne Medicines

In other news, CEO John Oyler sold 54,892 shares of the stock in a transaction on Wednesday, August 12th. The stock was sold at an average price of $358.15, for a total transaction of $19,659,569.80. Following the sale, the chief executive officer directly owned 240,743 shares of the company's stock, valued at approximately $86,222,105.45. This represents a 18.57% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Xiaodong Wang sold 31,028 shares of the firm's stock in a transaction on Monday, September 28th. The stock was sold at an average price of $364.79, for a total value of $11,318,704.12. Following the completion of the transaction, the insider owned 31,028 shares in the company, valued at $11,318,704.12. The trade was a 50.00% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders have sold 632,311 shares of company stock worth $210,869,364. Company insiders own 6.19% of the company's stock.

Hedge Funds Weigh In On BeOne Medicines

A number of institutional investors have recently modified their holdings of the business. QRG Capital Management Inc. lifted its stake in BeOne Medicines by 13.6% in the 2nd quarter. QRG Capital Management Inc. now owns 1,918 shares of the company's stock valued at $547,000 after purchasing an additional 230 shares during the last quarter. Tidal Investments LLC boosted its position in BeOne Medicines by 7.3% in the second quarter. Tidal Investments LLC now owns 13,561 shares of the company's stock valued at $3,864,000 after buying an additional 928 shares in the last quarter. Engineers Gate Manager LP bought a new stake in shares of BeOne Medicines during the second quarter worth $4,646,000. Squarepoint Ops LLC grew its stake in shares of BeOne Medicines by 6.0% during the second quarter. Squarepoint Ops LLC now owns 78,561 shares of the company's stock worth $22,388,000 after buying an additional 4,437 shares during the last quarter. Finally, Baird Financial Group Inc. increased its holdings in shares of BeOne Medicines by 5.5% during the second quarter. Baird Financial Group Inc. now owns 368,978 shares of the company's stock worth $105,148,000 after buying an additional 19,327 shares in the last quarter. Institutional investors and hedge funds own 48.55% of the company's stock.

About BeOne Medicines

BeOne Medicines Ltd. NASDAQ: ONC is a global oncology company focused on discovering, developing, manufacturing and commercializing medicines for people with cancer. The company operates across the research and development, clinical testing, regulatory and commercial stages of the biopharmaceutical industry, with an emphasis on treatments for blood cancers and solid tumors.

Its marketed portfolio includes BRUKINSA (zanubrutinib), a Bruton's tyrosine kinase inhibitor used to treat several B-cell malignancies, and TEVIMBRA (tislelizumab), an immunotherapy targeting the PD-1 pathway for certain cancers.

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